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CRISIL upgrades credit rating of AGC Networks’ bank facilities

The long-term rating of the company has been upgraded to CRISIL BBB/Stable from CRISIL BBB-/Stable.

November 12, 2021 3:55 IST | India Infoline News Service
CRISIL Ratings’ has upgraded the Credit Rating of AGC Networks Limited on its Rs128.5cr bank facilities.

The long-term rating of the company has been upgraded to CRISIL BBB/Stable from CRISIL BBB-/Stable and short-term rating to CRISIL A3+ from CRISIL A3.

As of October 31, 2021, the total limit utilization stands at Rs26cr out of the total limits of Rs128.50cr, the company said in a filing on Friday.

“CRISIL Ratings has upgraded its ratings on the bank facilities of AGC Networks Limited (AGC) to ‘CRISIL BBB/Stable/CRISIL A3+’ from ‘CRISIL BBB-/Stable/CRISIL A3’. The rating upgrade factors expectation of sharp improvement in the financial risk profile over the medium term, driven by healthy cash accrual of Rs300-450cr over fiscals 2022 to 2024 and debt in the range of Rs125-170cr. Financial risk profile strengthened in fiscal 2021, owing to reduction in total debt to Rs193cr from Rs468cr in fiscal 2020.

The reduction in debt in fiscal 2021 was on account of equity infusion from promotors amounting to Rs188cr through issue of warrants and healthy cash accrual of over Rs215cr. Furthermore, the company continues to remain debt free at the net debt level, as cash and liquid surplus as on March 31, 2021 stood at Rs411cr,” company shared CRISIL Ratings rationale.

AGC Networks Ltd stock trade on Friday ended at Rs966.10 per piece down by Rs32.9 or 3.29% from its previous closing of Rs999 per piece on the BSE.

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